Neoliberalism

Neoliberalism is an ideology of capitalism that supports economically liberal policies such as privatization, fiscal austerity, deregulation, free trade, and reduced government spending. The goal of neoliberalism is to increase the role of the private sector in the economy and society, and the ideology developed during the 1930s in reaction to the worldwide consensus of Keynesian economics. Neoliberalism promoted a market economy under the guidance and rules of a strong state, leading to the rise of the social market economy. During the 1960s, the term "neoliberal" heavily declined, but it was revived in the 1970s and 1980s to refer to the economic ideology of Augusto Pinochet's fascist dictatorship in Chile. The theories of Milton Friedman, Ronald Reagan, Margaret Thatcher, and Alan Greenspan were examples of neoliberalism.